Adjustment for Unearned Revenue On June 1, 2019, Herbal Co. received $40,500 for the rent of...
Adjustment for Unearned Revenue On June 1, 2019, Herbal Co. received $40,500 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2019. Round your answer to the nearest dollar amount.
Dec. 31
Homework Answers
Solution
| Date | General Journal | Debit | Credit |
| 31-Dec | Unearned rent revenue | $ 20,250.00 | |
| Rent revenue | $ 20,250.00 | ||
| (To record rent revenue earned) |
Rent is earned for 6 months from June till December so 6 month's worth of rent revenue will be recorded. (40500/12 x 6=$20250).
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